Suzhou Kingswood Printing Ink Co Ltd

Kede Education released its 2026 interim report on August 28. During the reporting period, the company achieved operating revenue of 357 million yuan, down 2.35% year on year; net profit attributable to the parent company was 18.69 million yuan, down 64.92% year on year; non-GAAP net profit was 17.45 million yuan, down 67.17% year on year; and net cash flow from operating activities was 12.91 million yuan, down 79.12% year on year. The decline in performance was mainly due to a double drop in revenue and gross profit from the education business. Revenue from secondary vocational and full-time school operations was 154 million yuan, down 8.25% year on year, with gross margin falling 5.03 percentage points to 36.04%. At the same time, administrative expenses rose 25.54% year on year, financial expenses turned from negative to positive because of exchange losses, surging 951.88%, and investment income recorded a loss of 23.03 million yuan, mainly from investment losses in the associated company Zhonghao Xinying and liquidation losses of a subsidiary. In the ink business, revenue from high-gloss offset printing ink was 61.1 million yuan, up 4.65% year on year, and gross margin improved 3.15 percentage points to 30.15%, but this was not enough to offset the overall decline. The company said the change of controlling shareholder has been completed and the governance structure has transitioned smoothly. It will benefit from vocational education policies and the trend toward high-end ink products in the future, but still faces risks such as raw material price fluctuations and policy uncertainty.